WI Harper Group | August 17, 2022 | Source: GrubMarket
GrubMarket announces the acquisition of Albuquerque, New Mexico, and El Paso, Texas-based Quality Fruit & Vegetable Co. (QF&V), a highly respected fresh produce company that provides the highest quality fruits and vegetables to the Southwest, sourced from the U.S., Mexico, South America and other parts of the world. QF&V currently operates in Texas and New Mexico, Selling tens of millions of dollars of produce to hundreds of retail and foodservice customers across the U.S. and Mexico each year, and has a strong reputation as an industry leader in traceability and food safety practices. WI Harper Group participated in GrubMarket’s oversubscribed $90 million Series D financing in October 2020 and led its $25 million C+ round of financing in April 2019.
Founded over 35 years ago, QF&V is still run by original owner Nick Delgado, a well-known veteran in the fresh produce industry with over 55 years of experience in the fresh food space. Today, QF&V is a full-service food distribution and wholesale business with warehouse operations covering nearly 70,000 square feet, including state-of-the-art cold storage and air ripening facilities. QF&V has an extensive product catalog that includes specialty and seasonal items but is particularly well-known for bananas, lettuce, and tomatoes. In addition, QF&V has been at the forefront of food safety and traceability, having received top food safety certifications from Primus Labs and other organizations. After the acquisition, the business will continue to be managed by its current experienced and mission-driven leadership team.
CEO Mike Xu says, “QF&V is one of the largest retail and foodservice distributors in the Southwest U.S. Nick and the remarkable team at QF&V have built an exceptional company that has a well-rounded and diversified customer base and has achieved year-over-year growth in revenue and profits. In addition, they have maintained their reputation as a leader in food safety practices, earning several industry certifications and recognitions. This acquisition enables GrubMarket to further strengthen its presence in Texas and officially enter New Mexico, which is a key distribution region for food in the Southwest corridor of the United States. We are beyond thrilled to welcome the QF&V team to the GrubMarket family.”
As a part of GrubMarket’s portfolio, QF&V will now utilize our innovative and proprietary WholesaleWare software suite, our software-as-a-service platform that provides food industry wholesalers and distributors with seamless financial management, easy-to-use sales, and online ordering features, precise inventory management, lot traceability, and tracking, grower accounting, and automated routing and logistics tools.
| About WI Harper Group
WI Harper is a pioneer and leading cross-border venture capital firm investing in early and expansion stage companies globally. With offices in San Francisco, Beijing, and Taipei, the firm actively oversees more than $1 billion in assets under management. Since inception nearly three decades ago, WI Harper has invested in over 400 startups and has successfully experienced more than 100 IPO and M&A exits.
We look for innovative companies and visionary founders in healthcare, technology and sustainability fields where there are high synergies and meaningful value added cross selling opportunities. While our healthcare team is presently honing on bioinformatics and digital biology, our technology team is focused blockchain, big data, analytics, artificial intelligence, AR/VR, IoT, robotics, drones, autonomous driving, as well as digital media and green energy projects.